The reason, industry said, was the high reserve price fixed by the government.

In the last auction, the reserve price for the four unsold circles for 1,800 Mhz were Rs.693.06 crore for Delhi, followed by Rs.678.45 crore for Mumbai, Rs.330.12 crore for Karnataka and 67.08 crore for Rajasthan circle.

Sibal added that auction process will be completed within this fiscal end.

"We will now be moving the cabinet for the approval on the pricing and we have also decided that we will complete the auction process within this financial year."